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Unitech board working on resolution plan to complete stalled realty projects: Hiranandani

Press Trust of India  |  New Delhi 

Crisis-hit Unitech's board, which has been superseded by the central government, is working on a resolution plan to complete stalled realty projects but the pace has slowed due to the coronavirus pandemic, its member Niranjan Hiranandani said on Thursday.

"Board is working on resolution plan but now, with the pandemic crisis, things are moving slow. But, we are definitely working," Hiranandani said in a tweet while responding to a query.

Niranjan Hiranandani is managing director of Hiranandani group. He is also President of industry bodies Assocham and NAREDCO.

Unitech's board has been superseded by the central government on the Supreme Court's direction.

Yudvir Singh Malik, a Haryana-cadre IAS officer, has been appointed as the chairman and managing director of the company.

Apart from Malik, there are seven other members on the board.

Housing Development Finance Corporation Managing Director Renu Sud Karnad, Embassy group Chairman and MD Jitu Virwani, NBCC Ltd former CMD A K Mittal, former IDBI Bank MD and CEO B Sriram, Girish Kumar Ahuja (independent director of State Bank of India) and Prabhakar Singh have been appointed as government's nominee director on the company's board.

Prabhakar Singh was former director general of Central Public Works Department.

Earlier this year, the Supreme Court allowed the Centre to take total management control of the embattled realty firm and appoint a new board of nominee directors. The decision would bring respite to over 12,000 hassled homebuyers of Unitech.

Ajay Chandra and Sanjay Chandra are in jail after the company defaulted on giving possession of flats to its homebuyers on time. Both were serving as managing directors of the company before the board was superseded.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 26 2020. 18:24 IST